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    Posted March 24, 2014 by
    jcaoxuan
    Location
    Boston, Massachusetts

    More from jcaoxuan

    How To Save Money When Buying a Car

     

    In today’s consumer landscape, it’s hard to know what to believe and  what not to believe from car dealership advertising. Here are a few  points for ensuring that a dealership ad is legitimate:

     

    1. If you see the phrase “x amount of dollars off,” make sure it says  “off of MSRP.” If it doesn’t specify, then most likely there is an  additional mark-up for the car that negates the discount.
    2. Read the fine print and make sure that the advertised deal doesn’t  include rebates that most consumers wouldn’t qualify for and might not  be able to be combined.
    3. If the ad says money down then be aware that potentially thousands  of dollars in inception fees can still be added to the deal when you get  to the dealer. Look for the term “due at signing” to really know how  much you will be responsible for if you wish to get an advertised deal.

     

    Source : http://www.driveprime.com

     

    Gap Insurance

    Vehicle gap insurance is one of those products that seems like a  waste of money until you need it. In fact, unless you have ever  experienced a total loss in a vehicle accident you may be unaware of the  value this type of policy can have for a consumer. Most auto insurance  policies are designed to only cover the vehicle’s current cash value,  not the loan balance, when a total vehicle loss occurs. Many times the  difference can be thousands of dollars.

    According to Edmunds.com, the average vehicle loses thirty percent of  its value in the first year. Let’s look at how this plays out in the  numbers. If you buy a twenty five thousand dollar vehicle and a total  loss happens in the first year the insurance company is likely to only  cover eighteen thousand dollars of the loss. Depending on your down  payment or trade equity, that could put you on the hook for the up to  seven thousand dollar difference. So if you have a small down payment or  a loan with an extended term then auto gap insurance may be for you.

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